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Global Wind Energy Composite Market Insight January 29, 2022 Comments

The global Wind Energy Composite market is expected to grow at with a CAGR greater than 9% during the forecast period. According to the WK-chem Research “Global Wind Energy Composite Professional Survey Report 2022, Forecast to 2027”, One of the major factors driving the market is the growing application of carbon fiber in wind blades. The use of composite materials helps to develop lightweight components with superior performance, in addition to other benefits such as low maintenance costs and long product life. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 9.2% base on WK-chem Research regression analysis model.
Analysts’ Viewpoint:
“The wind energy composite materials are mainly carbon fiber and glass fiber, but the cost price of these materials is high, which has an adverse impact on the market development. As countries join in the construction of new energy, wind power has a very good development prospect in the future. It is suggested that manufacturers can carry out new product research and development activities and introduce better quality composite materials, which will have a positive impact on market expansion. The recyclability of composite materials should also be an important direction for future research and development.”said Carl, Senior analyst, WK-chem Research.
Market insight:
The wind energy composite material market is expected to grow at a significant rate, due to increase in demand from the wind energy sector. Various other government initiatives and environmental regulations toward usage of clean energy are expected to boost the usage of wind energy and eventually work in favor of the global wind energy composite material market. Wind energy is ideal for environment-friendly power generation. Lightweight composite materials help to harness wind energy with high efficiency. As a result, the demand for wind energy composite materials is rising. The global wind industry is shifting toward larger turbines with longer blades, as larger blades are capable of producing higher amount of energy at low costs. Moreover, these composite materials perform better as compared to conventional materials such as aluminum or steel,as they possess high better corrosion resistance, have long lifecycle, require lower maintenance, and exhibit superior strength-to-weight ratio. Thus, all these factors collectively are expected to propel the demand for wind energy composite materials in the global market. However, high cost of these materials is expected to negatively impact the market growth. The increase in the cost of carbon fiber is also likely to challenge market expansion during the outlook period.
Competition Landscape:
Key players in the market include TPI Composites, Inc.,Vestas Wind Systems A/S ,Siemens,Teijin Carbon Europe GmbH,Suzlon Energy Limited,Toray Industries Inc.,Gamesa Corporation Technology,Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd among others. Major companies have adopted the agreement strategy for strengthening their position in the wind turbine composite market. Other companies have adopted various organic and inorganic growth strategies such as new product developments, expansions, and acquisitions to strengthen their market shares.
Segmentation of Wind Energy Composite Market:
On the basis of fiber type, the wind energy composites material market is segmented into glass fiber, carbon fiber and others. The glass fiber segment accounted for the largest share of the wind turbine composite market both in terms of value and volume. Good strength, chemical resistance, and good stiffness offered by glass fibers and their easy availability and cost effectiveness are key factors propelling the demand for glass fiber composites. The application segment for wind energy composites material market is segmented into blades, nacelles and others. The blades segment is likely to represent a significant revenue share in the worldwide market. Wind turbine blades serve as the most important composite based part of the turbine. The compounds employed in wind turbine blades offer less maintenance, a long service life, a high strength-to -weight ratio and resistance to corrosion.
Wind Energy Composite Market: Regional Analysis
The global wind energy composite materials market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. Asia-Pacific is projected to be the largest and the fastest-growing region in the wind turbine composite market during the forecast period. Major factors driving the growth of the wind turbine composite market in this region are increasing demand for renewable energy sources, high demand for lightweight and high strength materials used to manufacture various parts of wind turbines, and supportive government initiatives such as favorable policies, wind power development programs, government regulations concerning renewable energy, and adjusted feed in tariffs for land-based wind power installations. In Latin America and the Middle East, the market is still at its nascent stage; however, many nations of these regions are implementing regulations to reduce their dependency on conventional fuels and increase the production of renewable energy.
Cagr: 9.2%
Largest share area:Asia Pacific
Largest share country:China
Product Type(by fiber type):glass fiber, carbon fiber and others
Application:blades, nacelles and others
Leading Company:TPI Composites, Inc.,Vestas Wind Systems A/S ,Siemens,Teijin Carbon Europe GmbH,Suzlon Energy Limited